Salah nears Liverpool move
Liverpool are edging closer to securing the signature of Roma winger Mohammed Salah with the player undergoing the final stages of his medical on Thursday.
A deal of €39 million (Dh160m), including add-ons, was agreed on Wednesday.
The 25-year-old has been a long-term target, with the Reds having previously tried to sign him three years ago when they were pipped by Chelsea, and current manager Jurgen Klopp was keen to add more pace to his side.
Klopp has already signed England’s Under-20 World Cup winner Dominic Solanke after his contract expired with Chelsea, with a fee likely to be decided by a tribunal, but the plan is for him to start in the Under-23s side.
While Salah will be the second arrival of the summer at Anfield there are a number of players surplus to requirements and Liverpool have already turned down an £11m bid for out-of-favour left-back Alberto Moreno from Napoli.
The Italian side are expected to return with an improved offer but face competition from two Premier League clubs and his former club Sevilla.
De Boer in line for Palace job
Crystal Palace look to be closing in on the appointment of Frank de Boer as their new manager, according to reports.
Palace are looking for their eighth manager in seven years in the wake of Sam Allardyce’s shock resignation having kept the London club in the Premier League.
Several candidates are said to have been short-listed, including Marco Silva, who has since taken over at Watford following his departure from relegated Hull, Christophe Galtier, Mauricio Pellegrino and Burnley boss Sean Dyche.
Reports in Holland suggest former Ajax, Barcelona and Rangers player De Boer is now in pole position to take over at Selhurst Park, though.
Palace have not yet made any comment on their recruitment process, with chairman Steve Parish understood to be on holiday although that would not necessarily delay any announcement.
Palace will want to have the new man in place ahead of the trip to Hong Kong in mid-July for the Premier League Asia Trophy, which will also feature Liverpool, West Bromwich Albion and Leicester City.
De Boer, 47, left his last job at Inter Milan in November - having been in charge for only 14 matches - after he was unable to produce the consistency which saw him deliver the Eredivisie title for Ajax over four consecutive seasons.
Juve receive Sandro offer
Chelsea target Alex Sandro is the subject of a “substantial offer” from an unnamed club and Juventus insist they will not stand in the left-back’s way if he wishes to leave Turin.
Reports suggest the Bianconeri have received a bid over double the €26 million (Dh107m) fee they paid Porto two years ago for the Brazilian.
It was Chelsea manager Antonio Conte who signed Sandro, who has won back-to-back league and cup doubles at the Juventus Stadium, and they could be reunited this summer.
Juve are keen to hang on to Sandro – who would provide competition for Marcos Alonso and Cesar Azpilicueta at Stamford Bridge – but will allow him to depart if he wants to.
Chief executive and general manager Giuseppe Marotta told Corriere dello Sport: “A substantial offer has arrived. We have no intention of selling anyone but if a player decides to leave, as has happened in previous years, then at the end of the day he has to go.”
Salcedo out of Confed Cup
Mexican defender Carlos Salcedo has been ruled out of the remainder of the Confederations Cup in Russia, after suffering a shoulder injury in Wednesday’s 2-1 victory over New Zealand.
The 23-year-old came off second-best in an aerial tussle with Kiwi striker Chris Wood in the first half and landed awkwardly.
The Mexican Football Federation confirmed the news in a statement, with Salcedo, who recently joined German club Eintracht Frankfurt on loan from Guadalajara, to return home.
Mexico’s come-from-behind victory means that they need only a draw from their final Group A game against Russia on Saturday to secure a semi-final place.
Oscar banned for eight matches
Brazil’s Oscar was banned for eight games Thursday for triggering a mass brawl in the Chinese Super League between his Shanghai SIPG side and opponents Guangzhou R&F.
After the former Chelsea midfielder appeared twice to fire the ball deliberately at Guangzhou players on Sunday, he was rushed by several opponents. Oscar fell to the ground and a melee broke out.
The Chinese Football Association issued lengthy bans to four players, including Oscar.
Oscar is one of the most high-profile players in the Chinese Super League after he joined SIPG for an Asian-record 60 million euros this season.
Januzaj nears United exit
Adnan Januzaj is heading towards the Old Trafford exit as Manchester United consider a number of offers for the winger.
Having flourished after being given a first-term role by then United manager David Moyes, the 22-year-old’s star has faded over the years.
Januzaj returned early from an ill-fated loan spell at Borussia Dortmund during the 2015/16 campaign and endured a turbulent season-long stint at Sunderland last term.
The Belgium international is now reportedly set to leave Old Trafford on a permanent basis, with Real Sociedad understood to be among the clubs speaking to United about a deal.
Januzaj has a year left on his contract and United are reported to be looking at a fee in the region of £10 million (Dh46m), as well as an option to re-sign the player if he flourishes. A similar clause was part of the deal that took Memphis Depay to Lyon in January.
Guerreiro fractures leg
Portugal left-back Raphael Guerreiro will miss the rest of the Confederations Cup after revealing on Thursday that he has been playing with a fractured leg for months.
The Borussia Dortmund defender had to be helped off in the second-half of Wednesday’s 1-0 win over Russia in Moscow when Cristiano Ronaldo scored the winner.
Guerreiro has confirmed he has a fracture and implies he has been playing with the injury for weeks, which he aggravated before going off in the 65th minute in Moscow.
“Thank you for your messages, I have a fracture, but it happened three months ago,” Guerreiro wrote on his Instagram account.
“Fortunately, the fracture is not causing me any pain, but I can’t put my foot on the ground or move.
“I’ll be behind my teammates for the rest of the competition.”
It remains to be seen whether Guerreiro will be fit for the start of the season with Dortmund with the Bundesliga to kick-off on August 18.
Ronaldo’s eighth-minute header gave the European champions their first Confed Cup win in Russia and a victory over New Zealand on Saturday would secure a semi-final
Schick set for Juve move
Striker Patrik Schick is undergoing medical tests at Juventus ahead of his move there from Sampdoria, the Serie A champions said on Thursday.
“A formal confirmation of the move is expected later in the afternoon,” the club said in a statement.
The Czech Republic international, who scored 11 goals in 32 league appearances last season, is set to join Juventus for €30.5m (Dh125m), Italian Sky Sport reports.
The 21-year-old joined Genoa-based Sampdoria in 2016 from Sparta Praha, where he made his professional debut, after a one-year loan at Czech rivals Bohemians 1905.
Palermo name new manager
Palermo, who employed five managers on their way to relegation from Serie A last season, named Bruno Tedino on Thursday to lead them in their attempt to bounce back to the top flight.
Tedino, 52, was previously in charge of third tier Pordenone for two seasons and has also coached Italy’s under-16 and under-17 teams.
The Sicilian club added that Fabio Lupo would be their sporting director.
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The years Ramadan fell in May
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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SPECS
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Kanye%20West
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
SPECS
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HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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